The Impact of Strategic Persistence on Executive Compensation
研究了公司治理中的内部参与者（如CEO/董事长）和外部参与者（如大股东）是否通过高管薪酬来奖励或惩罚战略持续性，发现内部参与者倾向于奖励持续性，而外部大股东也意外地奖励持续性。
This study investigates whether different participants in corporate governance reward strategic persistence through executive compensation. Internal participants (inside directors, CEOs/ chairs, and corporate officers who own a significant proportion of company stock) are expected to favor stability and therefore reward persistence, whereas external participants (large block shareholders) are predicted to favor change and therefore penalize persistence. Results suggest that the presence of CEOs/chairs leads to rewarding strategic persistence with total compensation. Inside directors also appear to reward persistence with fixed compensation. Large external shareholders,contrary to expectations, seem to reward persistence with higher levels of fixed compensation.